Credit Suisse scraps its profit targets for this and next year, under pressure from trade tensions and negative interest rates. The Swiss bank did, however, report that performance in the fourth quarter has so far been better than one year ago.

Credit Suisse now expects the so-called ‘return on tangible equity’, an important financial profit indicator, to amount to more than 8 percent this year, from a previously expected forecast of 10 to 11 percent. The bank has recently had to deal with weaker markets, less advice on merger and acquisition deals and trade tensions that undermine investments by companies.

Credit Suisse CEO Tidjane Thiam warned some time ago about the negative consequences of the trade turmoil for the financial group. Credit Suisse is holding an investor day in London on Wednesday. In recent years, the bank has been busy restructuring to become stronger with investment banking and asset management.

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